By using my secret "formula" sheet I just got the bank to accept my buyer client's offer on another short pay! The listing agent called me and told me that she was very impressed with how I worked the numbers to get them to take what initially appeared to be a lower offer than what she expected them to accept. Here is my secret for those who are interested: It works especially well on the smaller homes in the neighborhood or tract. I took the most recent sales(about 8 months) in the neighborhood tract, which had consisted of slightly to much larger homes. I added up the sales prices of all of the recently sold homes. I broke them down to a per square foot dollar average and then multiplied that number by the square feet in the desired little house. This caused the "full market value" of the desired house to be much lower than the bank's listed price. The bank usually wants to get 90% of the full market value. By submitting my formula with an explanation of each step I convinced them that my client was actually offering them 94% of the "real" current market value and they happily accepted our offer. Let me know if you would like my special secret "formula" sheet.
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